Weekly Market Insight

Latest Economic & Market Update 19th March 2021

19th March 2021

Good afternoon, it is March 19th 2021 and here is your economic and market update from BlackBee. 

Today’s focus:

  • Micheál Martin announces €400m regeneration project for Cork city and county.
  • Imports from the UK fall 65% in January in comparison to Jan 2020.

Taoiseach Micheál Martin announced this morning that over €400m is being made available for regeneration projects in Cork City and county. The plan includes redeveloping Cork’s docklands, to pave the way for the construction of thousands of homes there and also public parks, leisure and cultural facilities. Over €350m is being made available to Cork City Council to develop the project. Another area to benefit is Grande Parade in Cork city centre where a new 7,700sq.m library will be built. Mr Martin said “this significant investment of over €400mn we are announcing today is a game changer for Cork and positions the city for major growth over the next decades. Its all about making Cork City and County even better places in which to work, live, visit and invest”. (Source: RTÉ)

Figures from the CSO show that imports from Britain fell by almost two thirds in January after the UK left the EU. The end of the UKs transition period showed an immediate impact as the value of imports fell by 65% from €1.4bn to €497mn in comparison from the same period last year. The CSO said that a combination of factors contributed to the large reduction in imports from Britain in January, including the challenges of complying with custom requirements. Other factors including stockpiling of goods in Q4 2020, the substitution with goods from other countries and a reduction in trade volumes due to the impact of Covid-19.

Best & Worst Performers of Large Cap US Stocks on Thursday
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Global Market Update
(as at close of markets 18/03/2021)